OSLO (Reuters) – Norwegian Air has asked an Irish court to oversee a restructuring of its massive debt as it seeks to stave off collapse amid the coronavirus pandemic, the budget airline said on Wednesday.
Norway’s government last week rejected the airline’s plea for another injection of state funds, and the company said the following day it was at risk of having to halt operations in early 2021 unless it got access to more cash.
“The main purpose here is to come out of this process quite shortly with a company that is ‘investable’, where we can be attractive again for investors,” Chief Financial Officer Geir Karlsen told Reuters.
